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Alibaba IPO: Shares in Chinese e-commerce giant soar on New York debut | |
(about 5 hours later) | |
Shares in Alibaba, the Chinese e-commerce giant, surged on its debut as a publicly traded company in New York on Friday. | Shares in Alibaba, the Chinese e-commerce giant, surged on its debut as a publicly traded company in New York on Friday. |
The stock traded at $98 per share minutes after its debut- a 44 per cent increase from its initial public offering of $68 a share- on the New York Stock Exchange just before noon. | The stock traded at $98 per share minutes after its debut- a 44 per cent increase from its initial public offering of $68 a share- on the New York Stock Exchange just before noon. |
Chief executive Jack Ma stood on the NYSE trading floor as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the NYSE.On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings. | Chief executive Jack Ma stood on the NYSE trading floor as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the NYSE.On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings. |
The Dow Jones industrial average rose 27 points, or 0.2 per cent, to 17,293 at midday after Alibaba made its big debut in the market. The Standard & Poor's 500 index edged up less than one point, or 0.1 per cent, to 2,012, above its own record from the previous day. | The Dow Jones industrial average rose 27 points, or 0.2 per cent, to 17,293 at midday after Alibaba made its big debut in the market. The Standard & Poor's 500 index edged up less than one point, or 0.1 per cent, to 2,012, above its own record from the previous day. |
Read more: What is Alibaba? Marissa Mayer in the spotlight ahead of Alibaba IPO | Read more: What is Alibaba? Marissa Mayer in the spotlight ahead of Alibaba IPO |
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